Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.22.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareBasic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average number of shares outstanding for the periods presented. The calculation of diluted earnings per share includes the potential dilutive impact of non-vested restricted shares and unexercised warrants outstanding during the periods presented, as calculated using the treasury stock method, unless their effect is anti-dilutive. For the year ended December 31, 2020, the Company reported a loss available to common stockholders. As a result, the calculation of diluted weighted average common shares outstanding excluded all potentially dilutive common shares outstanding.
The following table sets forth the computation of basic and diluted earnings per share:
Years Ended December 31,
2021 2020 2019
(In thousands, except per share amounts)
Net Income (Loss) $365,151  ($2,533,621) $67,928 
Preferred stock dividends (1)
—  —  (3,997)
Loss on redemption of preferred stock —  —  (8,304)
Income (Loss) Available to Common Stockholders $365,151  ($2,533,621) $55,627 
Basic weighted average common shares outstanding 48,612  39,718  23,313 
Dilutive impact of restricted stock 296  —  27 
Dilutive impact of warrants 1,403  —  — 
Diluted weighted average common shares outstanding 50,311  39,718  23,340 
Income (Loss) Available to Common Stockholders Per Common Share
Basic $7.51  ($63.79) $2.39 
Diluted $7.26  ($63.79) $2.38 
Restricted stock (2)
7  581 90
Warrants (2)
481  2,564  9
(1)    The Company redeemed all outstanding shares of its 10% Series A Cumulative Preferred Stock (“Preferred Stock”) on July 18, 2019 and all dividends ceased to accrue upon redemption.
(2) Shares excluded from the diluted earnings per share calculation because their effect would be anti-dilutive.